Mondelez Reports Higher Third-Quarter Profit as Cocoa Costs Ease

Mondelez International reported higher third-quarter profit on October 29, 2026, as lower raw-material costs and improving sales volumes supported the maker of Oreo biscuits and Cadbury chocolate. Net revenue rose 2.3% from a year earlier to approximately $9.97 billion, although the total was slightly below analysts' average forecast.

The company reported net income of about $1.31 billion, or $1.02 per diluted share, compared with $743 million, or 57 cents per share, a year earlier. Adjusted earnings were 78 cents per share, above the 71 cents expected by analysts surveyed by LSEG. The gap between reported and adjusted earnings reflects accounting items excluded from the adjusted measure; the two figures should not be treated as interchangeable.

Organic net revenue, which removes the effects of currency movements and certain portfolio changes, increased 2.1%. Mondelez said the volume and product-mix component rose 1.8%, suggesting that more of its underlying sales growth came from demand and the mix of products sold rather than simply from price increases. This is different from periods when food manufacturers relied more heavily on price rises to offset expensive cocoa and other inputs.

The company said adjusted gross profit margin improved, supported by lower raw-material and manufacturing costs, productivity measures, higher prices and a favorable sales mix. Reuters reported that a global cocoa surplus had reduced costs, giving chocolate producers more room to use promotions and value-oriented packs. The company has reduced prices on some products in Europe after earlier rounds of increases.

The results were not uniform across regions. Latin America and Asia, the Middle East and Africa delivered stronger reported revenue growth, while Europe declined. Such differences matter because a global revenue total can mask regional variations in demand, pricing and currency effects.

Mondelez reaffirmed its 2026 outlook for organic revenue growth of at least 2% and adjusted earnings-per-share growth ranging from flat to 5% at constant currency. It also maintained an expectation of approximately $3 billion in annual free cash flow. These are company forecasts, not results already achieved, and remain subject to changes in consumer spending, commodity prices and geopolitical conditions.